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You have just taken out a $ 2 1 , 0 0 0 car loan with a 6 % APR , compounded monthly. The loan

You have just taken out a
$21,000
car loan with a
6%
APR, compounded monthly. The loan is for
55
years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?
(Note:
Be careful not to round any intermediate steps less than six decimal places.)

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